Maine Mortgage Rates

About Mortgage Rates in Maine

When thinking of obtaining a mortgage in Maine, potential home owners think of the ocean, the piers and the beautiful countryside. Maine has to plenty offer. More than 700K housing units that are 71% owner occupied. Banks are competing for business by offering the low interest rates, low interest expenses, low closing costs and affordable monthly payments. The trick is finding the loan package that fits your financial situation.

Mortgage 101 can help you find the best possible loan whether you are looking to buy in Portland, Bangor or any other city in Maine. The free online tools are designed to help you determine tax benefits, calculate monthly payments and more. Check out what we have to offer today.

Mortgage Refinancing in Maine

In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.

The 5/5 & 5/1 Adjustable Rate Mortgage

This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage

Fixed Rate Mortgages

This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.

Other Mortgage Terms

Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.

Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.

Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.